State Rating Bureau
The State Rating Bureau (SRB) serves as a consumer representative in hearings on the appropriateness of rates filed by auto, workers' compensation and health insurance carriers, including Blue Cross and Blue Shield of Massachusetts.
The SRB reviews life, health (including Medicare Supplement), property, liability insurance policies and rates, as well as health maintenance organizations and preferred provider arrangement applications for compliance with applicable laws and regulations. The SRB collects and analyzes statistical data in order to provide technical advice to the Commissioner on oversight of the auto, workers' compensation, health and other insurance markets.
Policy Forms Review
Insurance contracts, forms and rates are reviewed for compliance with Massachusetts laws by the Policy Forms Review Section. This analysis includes determining whether the benefits to be provided are reasonable in relation to the premiums charged. Additionally, policy provisions are reviewed to determine that they are not misleading, deceptive or not in the public interest. Rate adjustments are evaluated based on whether the proposed rates are reasonable, adequate, not excessive, nor unfairly discriminatory.